eIncomePro Deferred Annuity Plan (100% Guaranteed)

• Any assessment on the customer’s Vulnerable Customer status will be based on the information the customer provides to the Bank and Hang Seng Insurance. Failure of the customer to provide complete, accurate and up-to-date information will affect the Bank and Hang Seng Insurance’s assessment of the customer’s Vulnerable Customer status and any services that may be provided.
• The Vulnerable Customer Assessment in online platform is unable to consider all of the customer’s relevant personal circumstances when assessing whether the customer may be a Vulnerable Customer.
• It is suggested that you print and save the Vulnerable Customer Assessment record for your future reference.
• Personal information collected in this assessment will be kept confidential by the Bank and Hang Seng Insurance. The information may be used by the Bank and Hang Seng Insurance under a duty of confidentiality of Hang Seng Insurance, for providing, maintaining and administering insurance policy or other financial products and services or meeting the obligations, requirements in connection with any law, regulation or request given or issued by other authorities, within or outside the Hong Kong Special Administrative Region existing currently or in the future. Hang Seng Insurance’s Notice to Customer and Other Individuals relating to the Personal Data (Privacy) Ordinance are available at the Bank’s website.

1. I agree with the above Vulnerable Customer Assessment result and confirm that the above information provided by me is complete, accurate, and up-to-date.
2. I understand that the assessment conducted through the online platform has not assessed all of my latest status of my personal circumstancesin determining whether I may be a Vulnerable Customer or not.
   
3. I authorize the Bank and Hang Seng Insurance to provide the details of this assessment, any related record or information to meet the obligations or requirements in connection with any law, regulation or requests given or issued by other form, within or outside the Hong Kong Special Administrative Region existing currently or in the future.
4. I understand that Hang Seng Insurance reserves the right to cease my Vulnerable Customer Assessment result at any time without prior notice. The decision of Hang Seng Insurance on all matters relating to the assessment shall be final and binding on all parties concerned.

1. I disagree with the initial Vulnerable Customer Assessment result and would like to change the result as above selection. I confirm that the above information provided by me is complete, accurate, and up-to-date.
   
2. I understand that the assessment conducted through the online platform has not assessed all of my latest status of my personal circumstancesin determining whether I may be a Vulnerable Customer or not.
   
3. I authorize the Bank and Hang Seng Insurance to provide the details of this assessment, any related record or information to meet the obligations or requirements in connection with any law, regulation or requests given or issued by other form, within or outside the Hong Kong Special Administrative Region existing currently or in the future.
4. I understand that Hang Seng Insurance reserves the right to cease my Vulnerable Customer Assessment result at any time without prior notice. The decision of Hang Seng Insurance on all matters relating to the assessment shall be final and binding on all parties concerned.

Please read about this product and acknowledge your consent to the statement at the bottom.

Objective of the application

The eIncomePro Deferred Annuity Plan (100% Guaranteed) is a non-participating life insurance product with savings element and is designed to meet your wealth management needs on retirement living reserve to provide regular income for future. 

Type and nature of the product

This is a life insurance plan with saving elements and is not equivalent or similar to any kind of bank deposit. It is underwritten by Hang Seng Insurance Company Limited. The Plan has been certified by the Insurance Authority as Qualifying Deferred Annuity Policy. 

Payment and benefit period

Subject to your selection, this life insurance policy can cover you for up to {#policyTerms} years and your contribution, will be for the first 5 years (60 months) in {#payMode} payment mode. This policy provides guaranteed cash value from the first policy year. Monthly guaranteed annuity income will start to be distributed from the first monthiversary of annuity period for 10 years (120 months).

Affordability and liquidity risk

This policy is designed to be held for a long-term period. You should ensure your annual disposable income and/or expected disposable liquid asset  is able to afford the premium payments and applicable levies required for this policy throughout the premium payment term.

Should you have liquidity needs for any unexpected events, you may apply for policy loan or surrender the policy in full or in part subject to the respective policy terms, however this may cause the policy to lapse or to be terminated earlier than the original policy term, and the amount (if any)  you get back may be significantly less than the premiums paid.

Policy replacement

You should read and understand the definition of Policy replacement.  If you are going or intend to fund the purchase of this new life insurance policy by using some or all of the funds arising from your existing life insurance policy(ies), or any savings made by reducing the premium payable under your existing life insurance policy(ies),  you should seek professional advice to understand the associated risks and detrimental consequences of policy replacement, including but not limited to the financial implications, insurability implications and claims eligibility implications by replacing your existing life insurance policy(ies) with this new life insurance policy, compare your existing life insurance policy(ies) against the new life insurance policy you intend to purchase and assess whether replacing your existing life insurance policy(ies) is in your best interests before making a final decision. 

If this does not align with your expectation, this product may not be suitable for your insurance need and you should explore our other life insurance plans.

General terms:

• I, as Policy Applicant and payment account Aaccount Hholder, confirm that I am not acting on behalf of any other person.
• I authorise HASE to debit from my specified account for initial and subsequent premiums due as instructed by HSIC and / or any applicable levies on behalf of the IA from time to time.

Customer information:

• I am in Hong Kong at the time of making this online application.
• I confirm I am not a United States citizen, a United States resident for federal income tax purpose or a United States Green Card holder.
• All statements and information I have provided in this application are complete, true and up-to-date. I will immediately inform HSIC and correct them if they have become incomplete, untrue or inaccurate subsequently before any policy is issued.
• I understand that HSIC will approve or decline any future claims based on the declaration and information I have provided during the online application.

Personal information collection:

• All personal information that I have most recently provided to HASE such as ID documents, nationality, mobile number and payment account correspondence address is accurate and up to date and I consent to HASE providing my personal information to HSIC or any member of the HSBC Group (“HSBC Group” means HSBC Holdings plc, its affiliates, subsidiaries, associated entities and any of their branches and offices (together or individually) and “member of the HSBC Group” has the same meaning) and any agents, contractors, sub-contractors, service providers for the purpose of evaluating and processing this application. I understand that updated personal information such as ID documentation may be requested by HSIC if necessary, and the policy may not be issued if any such requested information or documents are not provided within a specified time.
• I understand that any updated personal information I have provided to HSIC in the application will not automatically be updated in HASE’s records and therefore I must make a separate request to change my information if required.
• I understand that my personal information supplied in this application will be used in accordance with Personal Information Collection Statement of HSIC (“PICS”) and that any request to change my personal information in HSIC's records must be made through branches of HASE or as specified under Clause 5 of the PICSsaid Statement.

Suitability and affordability declaration:

• I understand I am applying for a life insurance plan with savings elements and it is designed to fulfil my insurance need to save up for the future.
• I understand the policy term is from 15 to 25 years upon my selection and I will need to make premium contributions to the policy and applicable levy payments for 5 years / 60 months (depending on the payment mode).
• With my income and / or liquid assets, I declare that I can afford the premium payments and applicable levies required for the life insurance policy during the policy term.

Application approval conditions:

• I understand submitting this application does not guarantee its approval, and HSIC will only approve the policy after (i) HSIC is satisfied I have met HSIC’s prevailing eligibility and underwriting requirements and (ii) HSIC has proceeded my first premium payment and applicable levy(ise).
• I acknowledge that if HSIC does approve my application, the policy will be made effective from the date my valid application was submitted.

Credit risk:

• I understand that the benefits of this Plan are subject to the credit risk of “Hang Seng Insurance”.HSIC Policy benefits include Death Benefit, surrender benefit and maturity benefit (if applicable) etc. The premium that I pay will become parts of “Hang Seng Insurance’sHSIC”’s assets, and the life insurance plans of “Hang Seng Insurance”HSIC involve policy benefits such as Death Benefit, surrender benefit and maturity benefit payable to the Policyholders or Beneficiaries by “Hang Seng Insurance”HSIC.”. I should bear the credit risk associated with “Hang Seng Insurance”HSIC [i.e. the risk that HSIC “Hang Seng Insurance” may not be able to deliver its obligations bound by the policies (including the payment of policy benefits) due to financial difficulties].

Risk from the delay of or missing the payment of premiums due:

• I understand that I should pay the premium for the entire premium payment term when due. Any delay or missing of the payment of premiums due may lead to policy lapse, and the amount (if any) I get back may be significantly less than my premiums paid.

Risks from surrender:

• I understand that If I surrender the policy after the expiry of the cooling-off period, the surrender proceeds to be received may be significantly less than the Total Premiums Paid. 
• Please refer to the illustration summary of this Plan for the projected surrender values. All details regarding policy surrender should be referred to the relevant policy provisions.

Risks from partial surrender:

• I understand that the policy can be partially surrendered at any time after the cooling- off period. If the Policyholder has made any withdrawals through partial surrender, the Net Cash Value of the policy will be decreased accordingly. This will reduce the Monthly Guaranteed Annuity Income amount, the Death Benefit amount and the cash value upon surrender.

Liquidity risk:

• I understand that this policy is designed to be held for a long-term period. Should I have liquidity needs for any unexpected events, I may apply for policy loan or surrender the policy in full or in part subject to the respective policy terms, however this may cause the policy to lapse or to be terminated earlier than the original policy term, and the amount (if any) I get back may be significantly less than the premiums paid.

Inflation risk: 

• I understand that cost of living is likely to be higher in the future than it is today due to inflation, therefore I may receive less from the policy in real term in the future even if “Hang Seng Insurance”HSIC meets all of its contractual obligations.

Policy currency risk:

• I understand that, by choosing the plans denominated in currencies other than local currency, I will subject to exchange rate risk. Exchange rate fluctuates from time to time. Upon the currency conversion, I may suffer a loss of the benefit values, due to the exchange rate fluctuations, the initial premium payment may be higher / lower than the quoted premium and the subsequent premium payment (if any) may be also higher / lower than the initial premium payment.
• I have considered the aforesaid exchange rate risk factors, conversion arrangement and the potential loss associated before applying the plan.

Policy termination:

• I understand that “Hang Seng Insurance”HSIC has the right to terminate my policy under any of the following circumstances:
  • If I cannot make the premium payment by the end of a 30-day Grace Period and the Net Cash Value calculated as at the date immediately preceding the premium due date is equal to or less than zero, (unless if the Automatic Premium Loan is sufficient to cover the amount of the relevant unpaid premium);
  • The policy loan with accrued interest exceeds the Net Cash Value before Indebtedness;
  • If “Hang Seng Insurance” HSIC reasonably consider that by continuing the Policy or the relationship with me, “Hang Seng Insurance”HSIC may break any laws, or “Hang Seng Insurance”HSIC or a member of the HSBC Group, may be exposed to action censure from any authority.
  • For details of the above, please refer to the relevant terms and conditions in the policy provisions

Cancellation rights and refund of premium(s) within cooling-off period:

• I, the Policyholder, understand that I have the right to cancel the policy and obtain a refund of any premium(s) paid (less any market value adjustment for investment-linked or non-linked single payment policy) by returning the policy surrender form to Hang Seng Insurance Company Limited. I understand that to exercise this right, the policy surrender form must be signed by me and returned by mail to Hang Seng Insurance Company Limited at 18/F, Tower 1, HSBC Centre, 1 Sham Mong Road, Kowloon, Hong Kong or returned to any Hang Seng Bank branches (except MTR station outlets)¹ within the Cooling-off Period. I understand that the Cooling-off Period is the period of 30 calendar days² immediately following either the day of delivery of the policy or the Cooling-off Notice to me / my nominated representative (whichever is earlier). I understand that the Cooling-off Notice is a notice that will be sent to me or my nominated representative to notify me of the Cooling-off Period around the time the policy is delivered.
  

Note: 

1. Only applicable to personal customer.
2. If the last day of the period does not fall on a working day, the period will include the next working day.

Policy loan:

• I understand that I may apply for a policy loan in respect of eIncomePro Deferred Annuity Plan (100% Guaranteed) while the Policy is in force. Loan interest will be applied and I will be advised of the rate of interest from time to time. Any policy loan and accrued loan interest may reduce the Cash Value, Death Benefit and Monthly Guaranteed Annuity Income of the Policy. When, at any time, the loan with accrued interest exceeds the Net Cash Value before Indebtedness, HSIC have the right to lapse the Policy. 
• Policy loan may cause the Policy to lapse or be terminated, please refer to the policy provisions on its terms and conditions.

Tax implication on QDAP:

• I understand that the QDAP status of this product does not necessarily mean I am eligible for tax deduction available for QDAP premiums paid. This product’s QDAP status is based on the features of the product as well as certification by the IA and not the facts of my own situation. I must also meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of HKSAR before I can claim these tax deductions. Any general tax information provided is for my reference only, and I should not make any tax-related decisions based on such information alone.
• I have noted that only the premium paid net of any marketing offers (e.g. discount, premium waiver, etc.) might be eligible for tax concession and the actual tax benefits of this Policy would depends on personal tax position (e.g. salaries income and assessable profits) and I should always consult with a professional tax advisor if I have any doubts.
• I have noted that the tax law, regulations or interpretations are subject to change and may affect related tax benefits including the eligibility criteria for tax deduction. "Hang Seng Bank"deduction. HASE Limited ("Hang Seng Bank") and "Hang Seng Insurance"HSIC do not take any responsibility to inform me about any changes in the laws and regulations or interpretations, and how they may affect me. Further information on tax concessions applicable to QDAP may be found at www.ia.org.hk.

Certification of QDAP:

• I understand that the Insurance Authority ("IA") certification is not a recommendation or endorsement of the policy nor does it guarantee the commercial merits of the policy or its performance.  It does not mean the policy is suitable for all policyholders nor is it an endorsement of its suitability for any particular policyholder or class of policyholders.  The policy has been certified by the IA but such certification does not imply official recommendation.  The IA does not take any responsibility for the contents of the product brochure of the policy, makes no representation as to its accuracy or completeness, expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the product brochure of the policy.
• The product brochure is issued by HSIC containing only a consolidated and summary description of this Plan and is for reference only. I should read the product brochure in conjunction with the respective product factsheet(s) and illustration summary and refer to the policy provisions for the detailed terms and conditions and charges of this Plan.
• Please refer to the relevant policy provisions for exact terms, conditions and exclusions of this Plan, and the policy provisions will be considered as final. For details of this Plan and the policy terms, please contact any “Hang Seng Bank” branch. Specimen copy of the policy provisions will be provided upon request.

Levy imposed by Insurance Authority:

• I understand that the Insurance Authority (“IA”) will impose a prescribed levy on this insurance policy pursuant to section 134 of the Insurance Ordinance (Cap. 41). Such levy payment should be made together with the premium payment to HSIC for direct remittance to the IA within the remittance period as specified by the IA. Subject to the applicable levy cap, the amount of levy payable for each premium payment is the amount of premium multiplied by the applicable levy rate as prescribed by IA. All subsequent premiums to be paid will also be subject to the applicable levy rate and cap. I understand that it is the statutory duty of the policyholder to pay the prescribed levy to IA through HSIC. IA may impose on the policyholder concerned a pecuniary penalty not exceeding HKD$5,000 for non-payment of levy.

Common reporting standards:

• I understand that the information supplied by me is covered by the full provisions of the terms and conditions governing the Account Holder’s relationship with HASE setting out how HASE may use and share the information supplied by me.
• I acknowledge and agree that the information contained in the Tax residence section is collected and may be kept by HASE for the purpose of automatic exchange of financial account information provided under the Inland Revenue Ordinance (Cap.112).
• I also agree that the information contained in the Tax residence section may be shared to and used by any member of the HASE Group (including any affiliates, subsidiaries and associated entities of HASE and their branches and offices) for the purposes of automatic exchange of financial account information provided under the Inland Revenue Ordinance as set out above.
• I certify that I am the Account Holder of all the account(s) to which the Tax residence section relates.
• I declare that the information given and all statements made in the Tax residence section and declarations are, to the best of my knowledge and belief, true, correct and complete. 
• I undertake to advise HASE within 30 days of any change in circumstances which affects the Tax residence status or causes the information contained herein to become incorrect, and to provide HASE with a suitably updated self-certification and Declaration within 90 days of such change in circumstances.